With rising costs and global supply chain disruptions continuing to strain the Caribbean, the Caribbean Private Sector Organisation (CPSO) has renewed its call for the region to rethink where it sources its goods and to accelerate efforts to diversify imports.
The issue took centre stage during a webinar on Wednesday, jointly hosted by the CPSO and the Eastern Caribbean Central Bank (ECCB), under the theme “De-Risking CSME Imports: Examining the scope for goods market fulfilment from non-traditional sources.”
Experts from across the region stressed that heavy dependence on traditional trading partners, particularly the United States, has left the Caribbean vulnerable. They argued that widening trade networks, improving supply chain efficiency, and reducing costs are key to strengthening both business competitiveness and consumer welfare.
CPSO Chairman, E. Gervase Warner, said the organisation’s research has gone beyond theoretical discussions, presenting practical alternatives that policymakers and private sector actors can use to ease import expenses. He noted that opportunities exist to unlock significant savings but cautioned that meaningful action will be required to realise them.
“Our findings show that there are viable options beyond the traditional markets,” Warner explained, adding that “If pursued, these alternatives could help reduce the pressure on consumers while boosting regional competitiveness.”
CPSO’s Chief Executive Officer, Dr. Patrick Antoine, underscored the urgency of the moment, pointing to shifting global dynamics that render conventional approaches inadequate. “We cannot do usual things in unusual times,” he said, emphasising that diversification must go hand-in-hand with export growth, intra-regional trade, and more resilient supply chain frameworks.
ECCB Governor, Timothy Antoine, also pressed for decisive action, warning that regional food security targets are slipping further out of reach. He pointed out that CARICOM’s goal of cutting food imports by 25 per cent by 2025 has now been delayed to 2030, cautioning against further setbacks.
“We are not on track,” the Governor admitted. “We cannot afford to review studies and then ask, ‘So what?’ We need to move from research to execution. Collective action must be our way forward.”
He further argued that regional unity is the Caribbean’s “superpower,” capable of helping small states tackle global challenges more effectively. However, he stressed that integration must be put into practice, not just accepted in principle.
The CPSO’s work, he added, should guide coordinated policies to lower the cost of living, diversify trade, and build a more resilient regional economy. Finding new import sources, he said, is not just an option but a necessity that demands collaboration across governments and the private sector.
